As anticipated,  House Select Subcommittee on the Coronavirus Crisis hearing with Treasury Secretary Mnuchin reflected contentious negotiations over a phase four rescue package.  Democrats and Republicans strongly supported the PPP, but a report released today finding PPP problems led Democrats to press Secretary Mnuchin to ensure a robust audit process and to recover funds disbursed in error.  Republicans pushed back, arguing that these cases amount only to a fraction of a percent of PPP loans and that subjecting all PPP borrowers to an onerous audit and forgiveness process is both unwarranted and economically counterproductive.

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